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The “Bridge Strategy” for Increasing Your Social Security Benefit - Yahoo!
Most of those approaching retirement age know that waiting longer to claim Social Security will mean a higher monthly benefit, but not everyone is in a financial position to wait to get that higher SS check. Fact is, about 70% of retirees claim SS benefits before age 64, resulting in a permanently reduced benefit. That’s done for a variety of reasons, including simply not knowing how they might find another way to get the money they need now. Some financial advisors may suggest using the “bridge strategy” – a way to use your 401(k) (or savings) as temporary income to “bridge” to a higher Social Security benefit later. Here’s an important fact: Social Security benefits taken at age 70 are about 76% higher than a benefit taken at age 62, and considering that about 35% of men and 40% of women claim Social Security at age 62, a lot of Social Security money is being “left on the table.” Of course, deciding when to claim Social Security should always look at your life expectancy, but if maximizing your monthly Social Security benefit is an attractive goal, then this Yahoo! article by Patrick Villanova explains how the “bridge strategy” works. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…